5 Of The Best Money-Saving Hacks To Get Your 2020 Off To A Good Start
Do you want to see the balance of your savings account go up this year? Maybe all you want is your credit card debt to go down, or you’re worried that Trump is going to start world war three and you want a disaster bunker! Whatever reason you’re looking to save money, the new year is the perfect time to start. Here’s 5 of the best money-saving life hacks to make your 2020 financial goals a reality!
Table of Contents
- 1 1. Use The New Year As An Opportunity To Go Over Your Bank Account For Last Year
- 2 2. Make A List Of Everything That You Want To Spend In The Entire Year
- 3 3. Consider A Different Bank Or Insurance Company
- 4 4. Set Up Automatic Transfers On Payday
- 5 5. Use Simple Life Hacks To Save Little Amounts That Add Up
1. Use The New Year As An Opportunity To Go Over Your Bank Account For Last Year
Now that Christmas is over, it’s a good time to get out your bank statements (or print them off) and go back through every account – even the rarely used checking account, to figure out if you have a spending habit that’s wasteful. If you notice that by the end of the year you’ve spent more money at uber or coffee shops than the grocery store, you might have an idea as to why you haven’t reached your savings goals. Tally up the amount of money you spent in a variety of broad categories like:
Budget apps can be super helpful because they may automatically give you information about how much you’ve spent at online stores or in particular categories.
In 2015-2016, Australians spent an average of AU$172 on recreation every week
2. Make A List Of Everything That You Want To Spend In The Entire Year
Using the list of what you spent last year, figure out what you need to spend money on this year. If you know that you’re going to have to pay car insurance in July, include this and how much money it will cost. If you have anything that costs a monthly fee, like subscriptions or memberships, or if you regularly donate to a charity, include it on the list. That way you know how much you should be spending. Then figure out how much you make in a year to the nearest dollar and start making cuts until you get to your savings goal. For example, if you know you want to watch The Americans but every episode is costing you $12.99, and you’re still a few hundred dollars off your savings goal, it might be time to reconsider the necessity of that purchase. Meanwhile, if you’re a student you may know you’re going to have to spend money on textbooks, so include that as a necessity.
3. Consider A Different Bank Or Insurance Company
If you chose your bank because they had a childhood savings program or an insurance company because your parents were with them, it might be time to reconsider. Often, especially if you’re a student, you can get better deals with another bank or company, and if you can’t, at least you know you’re not wasting money. If you have a credit card, are you also paying for an insurance policy, even though you’ve got health insurance through your parents? Asking these questions of your bank or insurance company can seem scary, but in reality, the companies are keen to keep you or get you, so make sure you’re not spending too much money just because you didn’t ask questions. Some banks and insurance companies offer a consult with a financial advisor as a part of their service which can be a real help – just remember that they’ll always recommend their own company’s services over everyone else.
4. Set Up Automatic Transfers On Payday
Many banks offer automatic transfers to different accounts, which is one of the best life hacks around. If you know you want to save 30% of your income so that you can go to Europe and New York, or buy your dad a fancy slow cooker for Christmas, see if your bank will automatically transfer 30% of your income into a savings account. This means that you don’t even have the opportunity to spend the money because it’s not in your spendings account.
In 2016, Australians spent AU$7.1 billion on beauty.
5. Use Simple Life Hacks To Save Little Amounts That Add Up
Sometimes, the oldest way is the best way. Coupons sound outdated and old fashioned, but there are some amazing coupon sites out there – especially for entertainment purposes. If you’re looking to spend less but do more, this is an awesome option. Go honey tasting with your friends, or on ghost tours or to the cinemas all for a fraction of the usual price. Ebates and cashback sites are also an option which can mean you save serious cash. Websites like Kroger are a great place to get started.
And don’t forget about options like a garage sale – you can get things like furniture at a really good price if you’re happy to search. And if you’re worried that it’s too much work, make it fun. Find a friend whose looking for simple hacks to save money and make it a bit of a competition to find the best deals, search eBay, or go to garage sales and estate sales together.
If you’re still not sure about how to go about financial planning, consider doing a short course or tafe course.Browse Courses Today!
No matter why you’re looking to save money, there are heaps of ways to do it. Turn your acorns into oak trees by using the above simple life hacks to save the amount of money you need to and blast your savings goals out of the park!
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